ABC Co$.$ was incorporated as a new business on January $1,2024.$ The corporate charter authorized the company that they could issue $2,000$ shares of $$100$ par, $7\%$ cumulative, preferred stock and $20,000$ shares of $$5$ par common stock.

On January $10,$ABC issued for cash $1,000$ shares of preferred stock at $$120$ per share and $8,000$ shares of common stock at $$80$ per share. On January $20,$ it issued an additional $2,000$ shares of common stock for cash at $$70$ per share.

On July $1,2024$ABC Co established an employee benefit plan and acquired $1,000$ shares of its common stock at $$60$ per share as treasury stock for that purpose. On August $1,2024,$ it resold $100$ shares of the stock at $$65$ per share.